King Harald V and Queen Sonja of Norway were on an official visit to China as a part of their endeavor to deepen bilateral relations recently. The majesties of Norway also served as a signing witness for the “DNV GL-VeChain Digital Low Carbon Ecosystem” and the ceremony was organized in the Norway-China Business Summit 2018.

The main agenda of the partnership was to improve Det Norske Veritas and Germanischer Lloyd’s [DNV GL] existing efforts in working with the United Nations to advance its environmentally focused Sustainable Development Goals.

The signing will officially create a new partnership between the Norwegian assurance company DNV GL and key partners of the Thirteenth Chinese Five-Year Plan: VeChain, a Chinese automobile manufacturer BYD, Tsinghua University’s Sino US Relations Research Center, and Shanghai Xiandao Food, a subsidiary of Bright Foods.

The event was cosponsored by representatives of Norway and China. Chinese Council for the Promotion of International Trade [CCPIT], a Chinese central government organization, was working towards integrating with Innovation Norway, an important entity for advancing Norwegian industry.

President and CEO of DNV GL Group, Remi Eriksen, signed on the behalf of DNV GL and VeChain, whereas the President of BYD Automotive Intelligent Ecological Research Institute, Shu Youxing, signed on behalf of BYD, Tsinghua University, and Bright Foods. The majesties of Norway served as witness signatories in the creation of the low-carbon ecosystem.

The main aim of the digital low-carbon ecosystem is to strengthen the VeChainThor blockchain and IoT devices to calculate carbon reduction using smart contracts and accordingly, issue carbon credits. In addition, they can also effectively record carbon emission reduction behavior of an individual and enterprise.

Carbon credits are distributed to enterprises and individuals involved in emission reductions. These credits are further transferred through individual users to achieve the ecological diversion between different enterprises.

The digital low-carbon ecosystem can prepare enterprises and individuals to reduce emissions, which in turn is the main agenda of the United Nations. The technology for the ecosystem has already been tested and stationed to the ecosystem partners. The electric vehicles from BYD is an example of the tech, which is said to go on sale in 2019.